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Earnings Per Common Share
3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options and warrants were exercised, stock units were vested, and ESPP shares were issued.
Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):
Three Months Ended March 31,
20232022
Net income$36,786 $28,439 
Weighted average number of common shares outstanding, basic55,397,989 55,427,696 
Dilutive effect of common stock equivalents:
Options— 4,568 
Warrants1,296 1,855 
RSU awards651,777 703,574 
PSU awards90,645 16,378 
DSU awards24,345 29,373 
ESPP13,554 11,502 
Weighted average number of common shares outstanding, diluted56,179,606 56,194,946 
Basic earnings per common share$0.66 $0.51 
Diluted earnings per common share0.65 0.51 
Average shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:
Three Months Ended March 31,
20232022
Anti-dilutive common stock equivalents
Options22,806 
PSU awards265,459 241,452
Total anti-dilutive common stock equivalents288,265 241,452